What is ISO 14001 Risk and Opportunity Management?
Risk and opportunity are two key concepts in the world of environmental management systems (EMS), and the two are often linked together. For example, a company may see an opportunity to reduce its environmental impact by adopting a new technology, but there may be risks associated with that technology, such as the possibility of it failing or the cost of implementing it.
It’s important for companies to understand both risks and opportunities when it comes to their environmental management, and one way to do this is through the ISO 14001 standard and ISO 14001 certification.
Environmental risk and opportunity management is the proactive identification, assessment, and mitigation or exploitation of environmental risks and opportunities. It is a continuous process that should be incorporated into an organization’s overall strategic planning and day-to-day operations.
Risk and opportunity management can help organizations achieve their objectives by:
- Proactively identifying and assessing risks and opportunities.
- Mitigating and exploiting risks and opportunities.
- Incorporating risk and opportunity management into overall strategic planning and day-to-day operations
By identifying and responding to risks and opportunities, businesses can protect themselves from potential threats and take advantage of growth opportunities and meet legal requirements.
What are Risks and Opportunities?
In basic terms:
- A risk is the likelihood of a negative effect.
- Risk assessment is the overall process of risk identification, risk analysis and risk evaluation.
- An opportunity is the positive effect of uncertainty.
How Do You Identify ISO 14001 Risks and Opportunities?
Environmental risk and opportunity identification is a critical activity at both a strategic and operational level. It needs to include all significant sources of risk, including those beyond your control. Quite simply, if a risk, threat or opportunity is not identified, there can be no strategy to manage it.
The key objective of this ‘identification’ step is not to create an onerous and lengthy list of all possible risks, but to identify all significant (and plausible) environmental risks that could impact your organization.
Environmental risks and opportunities can be identified by:
- Workshops and focus groups (using brainstorming approaches or broad business analyses).
- Discussions with (internal and external) interested parties.
- Industry research and operational life cycle.
- Observation and consultation with personnel carrying out their work tasks.
Note: Once identified, environmental risks and opportunities should be recorded as part of a ‘context of the organization assessment’ described in the international organization for Standardization (ISO) 14001 EMS clause 4.0. Context of the Organization.
How to Manage ISO 14001 Risks and Opportunities?
The ISO 14001 standard provides a framework for setting objectives, identifying and assessing risks and opportunities, along with applying risk controls and mitigation. While there are several ways to manage risks and opportunities under the ISO 14001 standard. Here are a few key considerations:
- Establish a risk management program that is appropriate to your organization’s size, complexity, and activities. The program should include a process for identifying, assessing, and controls and mitigation.
- Set objectives for managing risks and opportunities. These objectives should be aligned with the organization’s overall strategic objectives.
- Identify and use a proactive approach, and this should be embedded into the culture of the business to improve environmental performance.
Note: One of the best ways to manage or reduce risks and pursue opportunities is to have an effective documented procedure in place to follow.
Contents of this ISO 14001 Management of Risks and Opportunities Procedure
- Approval.
- Purpose.
- Scope.
- Terms and Definitions.
- Roles and Responsibilities.
- Procedures.
- Environmental Risk and Opportunity Management Process Overview.
- Risks and Opportunities Process Flowchart.
- Management of Risks.
- Identification.
- Risk Assessment.
- Risk Control.
- Management of Opportunities.
- Monitoring and Reviews.
- Internal Audits.
- Reporting.
- Communication.
- Training.
- Related Procedures, Forms and Documents.
- Review Criteria.
- Record Management.
- References.
Why Choose to Buy this ISO 14001 Management of Risks and Opportunities Procedure
- This 12-page ISO 14001 management of risks and opportunities procedure template can assist you with the systematic identification and assessment of environmental risks and opportunities.
- The procedure can help you ensure that work practices are consistent, relevant and applicable to your organization’s environmental objectives and desired outcomes.
- Once the procedure is applied to your organizational processes it can assist you reduce impacts on the environment and achieve continuous improvements with your environmental aspects.
After purchasing this template you will be able to:
- Very easily edit and customize the template to create your own procedure.
- Apply your own style, format and brand to the procedure.
- Use it in any industry or sector regardless of the size or type of organization.
Availability and Use of this ISO 14001 Management of Risks and Opportunities Procedure
- This procedure is accessible to you right now by clicking the ‘Buy Now’ button.
- The procedure will be delivered to you in fully editable Microsoft Word format for immediate and full use in your business.
- There are no subscriptions, contracts or ongoing costs.
